INVESTMENT SECURITIES (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Investments Securities [Abstract] | |
| Schedule of amortized cost and related market value of investment securities available-for-sale |
NOTE 2 –
INVESTMENT SECURITIES
Investment Portfolio Composition
. The following table summarizes the amortized cost and related fair value of investment
securities available-for-sale (“AFS”) and securities held-to-maturity (“HTM”)
unrealized gains and losses.
Available for
Amortized
Unrealized
Unrealized
Allowance for
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Credit Losses
Value
June 30, 2023
U.S. Government Treasury
$
22,047
$
-
$
1,797
$
-
$
20,250
U.S. Government Agency
175,515
28
11,303
-
164,240
States and Political Subdivisions
46,842
-
5,958
(5)
40,879
Mortgage-Backed Securities
(1)
77,144
2
11,014
-
66,132
Corporate Debt Securities
95,317
61
7,995
(19)
87,364
Other Securities
(2)
7,355
-
-
-
7,355
Total
$
424,220
$
91
$
38,067
$
(24)
$
386,220
December 31, 2022
U.S. Government Treasury
$
23,977
$
1
$
1,928
$
-
$
22,050
U.S. Government Agency
198,888
27
12,863
-
186,052
States and Political Subdivisions
47,197
-
6,855
(13)
40,329
Mortgage-Backed Securities
(1)
80,829
2
11,426
-
69,405
Corporate Debt Securities
97,119
19
8,874
(28)
88,236
Other Securities
(2)
7,222
-
-
-
7,222
Total
$
455,232
$
49
$
41,946
$
(41)
$
413,294
Held to Maturity
Amortized
Unrealized
Unrealized
Fair
(Dollars in Thousands)
Cost
Gains
Losses
Value
June 30, 2023
U.S. Government Treasury
$
457,522
$
-
$
25,365
$
432,157
Mortgage-Backed Securities
(1)
183,876
1
20,815
163,062
Total
$
641,398
$
1
$
46,180
$
595,219
December 31, 2022
U.S. Government Treasury
$
457,374
$
-
$
25,641
$
431,733
Mortgage-Backed Securities
(1)
203,370
8
22,410
180,968
Total
$
660,744
$
8
$
48,051
$
612,701
(1)
(2)
Includes Federal Home Loan Bank and Federal Reserve Bank stock, recorded
2.3
5.1
respectively,
2.1
5.1
|
| Schedule of investment securities with maturity distribution based on contractual maturities |
Available for
Held to Maturity
(Dollars in Thousands)
Amortized Cost
Fair Value
Amortized Cost
Fair Value
Due in one year or less
$
41,681
$
41,030
$
-
$
-
Due after one year through five years
153,275
139,764
457,522
432,157
Due after five year through ten years
49,673
41,410
-
-
Mortgage-Backed Securities
77,144
66,132
183,876
163,062
U.S. Government Agency
95,092
90,529
-
-
Other Securities
7,355
7,355
-
-
Total
$
424,220
$
386,220
$
641,398
$
595,219
|
| Schedule of investment securities with continuous unrealized loss position |
Less Than
Greater Than
12 Months
12 Months
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Thousands)
Value
Losses
Value
Losses
Value
Losses
June 30, 2023
Available for
U.S. Government Treasury
$
-
$
-
$
19,271
$
1,797
$
19,271
$
1,797
U.S. Government Agency
18,020
191
122,553
11,112
140,573
11,303
States and Political Subdivisions
1,559
9
39,325
5,949
40,884
5,958
Mortgage-Backed Securities
24
-
66,016
11,014
66,040
11,014
Corporate Debt Securities
1,967
8
79,768
7,987
81,735
7,995
Total
$
21,570
$
208
$
326,933
$
37,859
$
348,503
$
38,067
Held to Maturity
U.S. Government Treasury
-
-
432,157
25,365
432,157
25,365
Mortgage-Backed Securities
3,265
141
159,566
20,674
162,831
20,815
Total
$
3,265
$
141
$
591,723
$
46,039
$
594,988
$
46,180
December 31, 2022
Available for
U.S. Government Treasury
$
983
$
-
$
19,189
$
1,928
$
20,172
$
1,928
U.S. Government Agency
63,112
2,572
113,004
10,291
176,116
12,863
States and Political Subdivisions
1,425
2
38,760
6,853
40,185
6,855
Mortgage-Backed Securities
6,594
959
60,458
10,467
67,052
11,426
Corporate Debt Securities
26,959
878
58,601
7,996
85,560
8,874
Total
$
99,073
$
4,411
$
290,012
$
37,535
$
389,085
$
41,946
Held to Maturity
U.S. Government Treasury
177,552
11,018
254,181
14,623
431,733
25,641
Mortgage-Backed Securities
88,723
6,814
91,462
15,596
180,185
22,410
Total
$
266,275
$
17,832
$
345,643
$
30,219
$
611,918
$
48,051
|